USDA Chief Economist Dr. Joseph Glauber told the House Agriculture Subcommittee on Conservation, Credit, Energy, and Research, that under a cap and trade program some sectors of livestock production would be reduced by double digits by 2050. That statement got the attention of several committee members, including Ranking Member Bob Goodlatte, R-Va.
"I am alarmed by Dr. Glauber's testimony," Goodlatte said. "If USDA's analysis is true then U.S. agriculture may have difficulties providing food security for the U.S. population. From my discussion with witnesses on our second panel, we can find alternatives to cap and trade that will not have these negative effects on our farm economy."
Subcommittee Chairman Tim Holden, D-Penn., summed up two days of hearings when he concluded that what is clear is that both action and inaction come with a price tag and that the panels of researchers and economists provided an inclusive and realistic analysis of the use of agriculture offsets and other alternatives to counter these new costs.